Daily Business Headlines – DECEMBER 21, 2023


Alpha Morgan Capital Attains BBB+ Rating From Agusto & Co.

In its latest evaluation, Agusto & Co. has elevated Alpha Morgan Capital Managers Limited rating to a BBB+ (IM) rating. This rating is underpinned by enhancements in the company’s risk management framework, characterized by the establishment of a distinct internal control function and the introduction of staggered approvals in the decision-making…Read More


Equities Investment Hits N40trn As Bulls Persists

On Wednesday, the positive sentiment at the Nigerian Exchange Limited (NGX) continues, to leave the equities market capitalisation past N40 trillion mark at the end of trading activities for the day. The All-Share Index (ASI) gained 1.28 percent on the day, to close at 73,397.71 basis points (bps), as the Month-to-Date and Year-to-Date returns…Read More


Yuletide: Tinubu Cuts Transport Fare By 50%

ABUJA — President Bola Tinubu has directed a 50 percent cut in land transportation fares from today to January 4, 2024, across the country. The President also approved zero fare for train transportation in all the states of the federation within the same period. Reacting to the development, Nigeria Labour Congress, NLC, dismissed the announcement…Read More

ASSBIFI Blames Banks’ Customers, Others For Cash Scarcity

The Association of Senior Staff of Banks, Insurance and Financial Institutions, ASSBIFI, has blamed panic withdrawals by bank customers, and activities of ignorant and unscrupulous persons hoarding the Naira notes for unethical gains for the unending cash crunch across the country. In a statement titled, “Scarcity of Naira notes”, President of…Read More



Federal Government Cuts External Borrowing, Debt Soars To N88tn

The Federal Government’s appetite for foreign loans is waning, the latest data from the Debt Management Office has revealed. This is as total debt public debt rose to N87.91tn as of the end of September. Rather than increase its foreign debt stock as has been the case before now, a significant reduction was witnessed overall. In the third quarter of 2023… Read More


Federal Government Moves To Improve Consumer Credit In Nigeria

The Federal Government has established a Technical Working Committee to consider measures to enhance consumer credit in Nigeria. The establishment of the Committee by the Presidential Council on Industrial Revitalization is a timely and strategic initiative aimed at investigating the present state of consumer credit in Nigeria, identifying the…Read More


2024 Budget: MDAs To Spend N14bn To Buy Computers, N28bn For Software

The federal government plans to spend over N14.39 billion on purchasing computers — laptops and desktops — in over a 100 ministries, departments, and agencies (MDAs) in the 2924 fiscal year. Another N28 billion was also budgeted for the acquisition of computer software by more than 90 MDAs, TheCable Index analysis of the 2024 budget…Read More



Senate Deplores Last-Minute Appointment Of Supreme Court Judges

Senate Leader, Opeyemi Bamidele, has urged the National Judicial Council (NJC) to avoid last-minute appointment of Supreme Court judges. Earlier, President Bola Tinubu’s letter seeking confirmation of the 11 justices was read at plenary. The nominated judges to fill the vacant positions at the apex court following death and resignation of former…Read More


Rivers Crisis: Parties Implement Terms Of Peace Accord

In deference to the peace accord brokered by President Bola Tinubu, a faction of the Rivers State House of Assembly consisting of 27 members, has withdrawn the court case instituted against Governor Siminialayi Fubara. The faction also dropped the impeachment notice served on him. The group led by Martin Amaewhule had instituted a case…Read More



Telcos Struggle To Deploy Services As Subscribers Interest Fades

Fifteen months after the launch of Fifth-Generation (5G) network in Nige­ria, the expected excitement anticipated for the new technology is fast fading, as potential subscribers have continued to explore 3G and 4G services, with little or no attention to 5G offers. The reasons for the development have been attributed to various econom­ic, regulatory…Read More